NOTABLE EVENTS AND ECONOMIC DATA OF THE DAY:
- The US PPI data tonight is unlikely to create strong price fluctuations for the market.
BITCOIN ANALYSIS TODAY D1 FRAMEWORK:
- Bitcoin had another day of decline yesterday, marking the fourth consecutive day of decline recently. However, there has been a change in price behavior. If the previous 3 declines showed that the Sellers dominated the day (with long upper shadows or closes near the bottom, wide amplitude), then yesterday's decline showed the opposite, that is, the Buyers successfully pushed the price back up. This is shown through the structure of Bitcoin D1 bar yesterday creating a bullish pinbar pattern with a long lower shadow and closing above 1/2 of the amplitude, at the same time, the volume increased compared to the 2 previous D1 decline bars.
- Another notable factor in the price action of Bitcoin D1 yesterday is that yesterday's D1 bar created a sweep down below the nearest bottom, sweeping down to the round number 60,000 and then bouncing back up to close above the old bottom + round number. This is a false break price action - false break - in price action, which can create a structure of a bear trap model - as a driving force to push Bitcoin D1 back up. A D1 bar needs to close above the false break D1 bar for clearer confirmation. The Bear Trap model can be the basis to push Bitcoin D1 back up.
- The structure of the Bitcoin D1 chart is still moving sideways and accumulating in the price range.
ANALYSIS OF BITCOIN TODAY IN THE H4 FRAMEWORK:
- Bitcoin H4 had a downward price push yesterday, but as soon as the price created an H4 bar to break the previous bottom, this H4 bar itself was pushed back up and the lower shadow was drawn up, showing that buying power appeared immediately. The next H4 bar is increasing, pulling the price back above the old bottom, showing immediate buying pressure. This shows that there is buying pressure to catch the bottom here.
- Currently, Bitcoin H4 is compressing the price to accumulate with the Inside bar pattern - the price bar is inside - which could be a premise for the next fluctuation.
- Because the downtrend is still the main trend for Bitcoin H4 with the chart structure consisting of lower peaks and lower bottoms, Bitcoin H4 today can still wait to sell from the PPZ resistance zone above, converging with the downward sloping trendline. If Bitcoin H4 breaks out of the PPZ zone + this trendline, the Bitcoin H4 chart structure will then be favorable to wait for the next buy.
OVERVIEW OF BITCOIN ANALYSIS TODAY:
- The US PPI data released tonight is unlikely to cause strong price fluctuations.
- Bitcoin D1 is showing price behavior creating a bear trap pattern, which could be a driving force for price increases.
- Bitcoin H4 is still in a downtrend, so you can still wait to sell for now. You can buy if there is a push up.
--------------------------------------------------
0 Comments